Oil climbs despite increasing U.S. stockpile volumes

Oil held above $51 a barrel as investors shrugged off a government report showing U.S. crude stockpiles rose for the third straight week.

Futures in New York maintained gains Wednesday after rising much as 3.6%, the most in a week. The Energy Information Administration reported that nationwide crude inventories rose 7.46 million barrels last week, more than double the 3.2 million-barrel increase forecast by analysts in a Bloomberg survey. The report also showed a surprise gasoline draw of 95,000 barrels. Investors are awaiting Russia’s decision on whether to go along with an OPEC proposal to deepen production cuts in response to the coronavirus.

West Texas Intermediate for March delivery gained $1.49 to $51.43 a barrel on the New York Mercantile Exchange as of 10:39 a.m. local time.

Brent for April settlement rose by $1.91 to $55.92 a barrel on the London-based ICE Futures Europe exchange.

News Source: Link

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